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Budget 2019: Fails To Convene Indian RE Sector’s Expectations

The interim Budget 2019 has been announced by the provisional Finance Minister Piyush Goyal. Like the preceding two years, this year’s Budget also seems to have failed to supply to the domestic renewable energy sector.

In the Budget speech in Parliament, there were only transitory references to the renewable energy sector with the minister mostly discussing the major sectoral programs undertaken by the NDA government through the year.

Highlights of the Interim Budget 2019:

By March 2019, all keen households will get an electricity connection.

GST registered small and medium-sized enterprise units will get 2 percent interest rebate on an incremental loan of Rs.10 million ($140,852).

The obligation of sourcing from SMEs by government enterprises has been increased to 25 percent. Of this, the material to the extent of at least 3 percent will be sourced from women-owned SMEs.

India will drive on Electric Vehicles with renewables becoming a key source of energy supply.

India will lead the world in the transport revolution through EVs and energy storage devices, bringing down import reliance and guarantying energy security.

The interim Budget misses grants, incentives, or subsidies for the renewable energy sector, proving to be another lackluster for the renewable energy sector in India. It is alike to the Union Budget 2018-19 and the 2017-18 Budget which did not comprise any important subsidies or incentives for the renewable energy sector and brought the sector much displeasure.